BEIJING — China's local government bond issuance has neared the annual quota so far this year, with analysts predicting a larger issuance next year to provide fiscal support for economic growth.

In the first 10 months of 2019, local governments issued nearly 4.28 trillion yuan ($610.7) in bonds, according to the Ministry of Finance (MOF).

In October alone, the value of local government bonds issued stood at 96.46 billion yuan.

Issuance in October was at the lowest level this year after new bond issuance approached the annual quota, said Liu Yu, analyst with Guosheng Securities.

As of the end of September, local governments had issued 3.04 trillion yuan of new bonds this year, accounting for 99.43 percent of the annual new bond quota, MOF data showed.

China has accelerated local government bond issuance and expanded the new bond quota in recent years to finance infrastructure construction and shore up the economy.

In the first 10 months, local government bonds mainly raised funds to support projects in such fields as transport infrastructure, environmental protection, old-age care and rural development, MOF data showed.